Good morning, and I'd like to thank you all for joining us. Up next, we have a presentation from AstroNova, trading on NASDAQ under the symbol ALOT. Presenting on behalf of the company today is President and Chief Executive Officer Gregory Woods.
Great, thank you, and thanks everyone for joining today. I have the normal obligatory forward-looking statements, which is in our presentation deck. This deck is available on our website, by the way, too, so you can download it after the meeting. One other additional housekeeping item I'd like to mention to everyone who may not be aware, so we're a January 31 company, so we're actually in fiscal 2025 right now, and we're about three weeks from releasing our earnings. So in today's presentation, we won't be doing any kind of third-quarter performance information or other financial expectations at this time. So please note that any comments that we make could be forward-looking with the normal requirements and risks and uncertainties associated with that. So I just want to clear the air there, and if you ask me questions about the third quarter, I won't answer them, okay?
Sorry about that. Yeah, it works well for the December people, but not the January people. And we're not in retail, yeah. So what do we do? So our core technology that drives our business is really the driving force behind the company, something we call data visualization technology. And what that is essentially is how to aggregate large amounts of data super accurately, very fast, and then deliver that in a human-usable format. And this goes back to our roots in the 1970s where they first developed this technology at the company, doing work for NASA and rocket telemetry. And basically, you shoot the rocket up, you want to collect the data, the engineers want to monitor in real time. That is both in visual, on a display, as well as in a printed format because they want an actual record of that data.
Actually, we still do that today. I was in August at one of the NASA facilities, got to see a launch, which is a pretty exciting thing to do. I didn't get Elon Musk to go with me, but like the president just did. Pretty much anyone using those types of rockets and missiles, most U.S. Air Force bases, they still use our technology. That's the fundamental technology in our business. It's still a business that we do, but it's not the biggest part of our business anymore. The bigger part of our business is more in the specialty printers and other data acquisition products. I'll talk more about these products in a minute here, but just to give you an overall flavor of the business.
So again, I'm not talking about this year, so just looking at kind of the level set, everyone, on fiscal 2024, our revenue was $148 million. We have facilities. Our main facilities are in Rhode Island, so West Warwick, Rhode Island is our main facilities. We have two big buildings there. And then we have facilities in Canada and Germany as well, and now in Portugal with the MTEX acquisition. So as of last year, we had 365 team members, and we have products and customers in over 150 countries around the world, so a very widely distributed base. One of the great things that we all love about our business is that our revenue stream is fairly predictable from a percentage point of view, and you start the year out, you know where a lot of the revenue is coming from.
We have 70% of our business is recurring revenue, and I can talk about that in the different segments if you like, and then within those segments, we have two segments that we report on. One is Product Identification, which is kind of those specialty printers I mentioned, and then the Test and Measurement segment, so let me just jump right into that now to give you an idea of what's in those products in the different segments, so the biggest piece, as you saw, 70% of the business is in Product Identification, and that's essentially color Product Identification printing, so we actually print directly on the product as well as printing labels, so labels is the bigger part of that business right now, so it's color labels, so you can print on-site, gives the customer ability to print the labels they need when they need them.
And a variety of sizes, right? It could be small things on water bottles to very large products. We're printing on cases of wine, you know, on the case itself as well as the wine bottles. So it's a very big business, and it's very diversified. And each of these segments, I have a little couple slides on those, but just to give you a flavor of the product ranges for each. And in the test and measurement segment, as I mentioned, we're still doing that rocket missile telemetry business that's in what we still call the test and measurement product line. But we also have portable devices we use there now as well, which can be used in things that, you know, nuclear power plants, some other energy applications, things where critical data reporting is very important in terms of the accuracy and speed of the data.
And the other part that derived from that NASA work that we did is the flight deck printers. So we were doing flight test stands for testing aircraft and building engineering stations on those, and that evolved then into some military applications, like for the C-17, we did products for the load master in the back so you could print off what kind of equipment they're dropping off, and eventually into the cockpit of the aircraft. So that's what we call the aerospace product line. Another key thing to understand about our business is we run it in a systematic way with something we call the AstroNova Operating System, which is built on our core values, which is the inner part of that circle with customer first. That's probably the most important one you need to take away.
But then the other elements of that that are driven through this standard process is product innovation. We do a lot of new product releases. You'll see that in periodic press releases. Again, you can go back in time and look at it on our website. A lot of those are on there. And then strategic M&A, and I've got slides on these as we're coming in fourth, but that's a big part of our business is combining organic growth with strategic M&A. And then geographic expansion, which at this point we're pretty well covered. It's more a matter of fleshing out and growing different areas where we are around the world where we have facilities and customers. And then finally, operational excellence, which covers a range of things starting from strategic planning process, but then the lean tools you might expect in a properly run manufacturing operation.
So just a couple of key highlights. I talked about the innovation, mentioned that one first. There was a number of announcements this year on new products. You see those at the bottom of the slide there. The non-red one, I'll come back to that one, that's an MTEX product. But we did things in the mail handling business, the overprinting business. The one in the middle is a thing we sell to OEMs. It's like an added to their machine. They can print on high-volume bag making is one. Paper bags are taking off like crazy because people are getting rid of the plastic. The people who make the machines that make the bags want to print them while they're being processed. And then label printers as well. We've come up with some new models there.
Kind of the big news is in May, we acquired a company in Portugal called MTEX, which kind of goes upstream from where we were. Our products typically in the tabletop range are going to be from less than $2,000 to maybe $35,000, $40,000. And MTEX kind of goes up from that high-end to very high-end up to maybe $400,000 in big production machines. And they also have some unique technology that we'll talk about. So adding that into the mix was a big move for us in May. They have a big facility in Portugal near Porto that manufactures the products, everything from the metal work to the painting, very vertically integrated. So it also brings some new distribution channels to us in kind of the Mediterranean area and Middle East where we didn't really have distribution before. So another benefit of that acquisition.
Just kind of staying on the acquisition front, so you can see over the last 10 years we've done seven, or actually, well, one divestiture, it's not on there, but so seven transactions, six acquisitions. Actually, it's evenly divided now between the aerospace group and the product identification segment. Most recent being, most recent two really in the product identification. In August of two years ago, 2022, we acquired a company called Astro Machine in Chicago, also vertically integrated, but more for the small equipment. They brought some manufacturing back then that we had in China. We brought it back to the U.S. and also from Rhode Island, kind of consolidated that into the facility in Chicago. They have some unique customers that they added to the mix as well in the kind of mail handling business that was new to us.
They also make tabletop printers for some of our competitors, which was an interesting addition to the mix there. Then the most recent one with MTEX. Do I have another slide on that? No, I didn't put it in here. I'll just kind of talk about it from this one. Again, it gets us into the higher-end products where we can typically handle things up to maybe two feet in width. They can go to four to six feet. They can actually do big corrugated printing. Roll-fed machines, the biggest one called the Aquaflex, which I talked about the paper bag making machines. The high-volume guys who are making millions of bags, they have rolls kind of the size of this table here. They make a machine that can actually handle that.
That's the one that's kind of in that $400,000 range. So it uses a lot more ink and supplies for that. That's great because it kind of helps that 70% of our business based on supplies. So looking at product identification, the on-site digital label printing business was actually invented by our founder in 1994. And the whole idea was, okay, yeah, bless you. If our customers wouldn't be like a Procter & Gamble making a million Tide bottles or something, that's where labels are all the same. That's not like our customers. Our customers have a diverse range. They always can have predictability of what type of products they're going to have and when they need the labels. And they end up overbuying certain types.
If I use a wine analogy, I have too many Chardonnay and not enough Chablis labels, and now what am I going to do with them? I can't put the one label on not the other one. So when you go to somebody's, they have rooms like this full of labels of all different kinds. And the problem is if you don't have what you need that day or that week, you're kind of out of luck. You can't ship the product. Or the government changes the regulations, so now your label has to be different than what you actually have. So you can't sell it with the old label anymore. So there's a lot of things that happen. Or you get halfway through the label roll and there's a defect. Well, you can call the commercial printer and complain, but you still can't ship products.
So there's a lot of things that drive that business. But because we invented that product, we actually had to invent the ecosystem around that. And it's still unique to this day that we're the only ones that provide this full solution. So obviously, other people make the printer, and you can think of Japanese copier companies, think of any of those names. They probably have a digital label printer of some sort that's affiliated with them, but they sell it through the business machine channel. And then you're kind of on your own for the software. Of course, they want the ink. That's usually tied to it. But the media, the label media that goes into it, there's a very precise science on that. I mean, I invite you guys to come take a look at our facilities.
We're the biggest consumer of inkjet recyclable labels right now in North America. So we have over 100 different types for a wide variety of applications, cryogenic labels, specialty food labels, and it's a pretty intricate business. So we provide all that to the customer, in addition to the hardware, the ink, and also the software. And there are third-party softwares that can run these kinds of machines, but they're more generic and they're more from the label. And if you look at ours, it's integrated to the machine as well as the label material and the application and the library. So they have one place to go. And most of our customers are used, the biggest source of new customers, quite frankly, are commercial printers. Most people still get them from commercial printer. So they're making widgets or wine or whatever they're doing.
They don't want to know about label production. They just want to be able to turn the thing on and run it, and then we provide all that from one source, so that's our unique advantage in this business, and this slide kind of gives you a range of the products, so the smallest one we have is the little guy there. It's about the size of my, actually smaller than my laptop in terms of its footprint. There's less than $2,000 entry-level product, then you can work your way up to toner and inkjet-based products. They're all toner and inkjet, and the ones in the far right, the one on the top is that one I talked about that does that really large volume rolls. Those rolls weigh thousands of pounds, actually.
That can do very high volume, and we sell those specifically to OEMs who are in that kind of business. The large format overprinting is a nice machine because we introduced an overprinter last year that can actually print on boxes and packages directly on the product without a label. This just takes it to the next level, much faster, wider, bigger height range. So they've got a lot of neat tech there. Well, we put in the presentation, and I'm not going to read through all this there, but just to give you a few ideas. And there's a lot of this on our website to give you an idea of, well, what are people doing with your products? Can you give us some success stories? And we have actually videos of people as well on there. So I'd encourage you to take a look at that.
This particular one that I put in here, this is a company in France making a variety of kind of sugar products, really, honeys and jams and stuff like that, and again, they had this issue of a wide variety of products, and being in Europe, they also want to have different language abilities depending on where the orders are coming in from. Typically, they said they want to support 27 languages for their products, so again, lower volume, very high mix. They went with our QL-300 product, which is a toner-based product, so it's very durable, so if the jam or honey, whatever gets on it, it won't damage the label. It's very durable, and that was able to dramatically lower their cost because they're in the mode of buying 10,000 of this, 10,000 of that, and have all these labels sitting around.
The other one I put in here, and just randomly, there happened to be two applications outside the U.S. We sell a lot in the U.S., but this is a company in Japan, actually, that's doing paper bags, but very special bags, and they're very precise about, in Japan, about the quality and the look and feel of their products, so they wanted to make sure, well, can you guys do this, and we did a test. It worked. They got one printer in there, and today, they have four or five printers. They've been this a whole business, and they're actually going after this niche of, hey, we don't need 10,000 orders from you, Mr. Customer, anymore. We'll do down to one. Typically, their orders are in the hundreds, right, so they can do things for special events, Sakura, whatever's going on.
They can do different applications where their competitors can't really compete with them on price, and then in that production line, a little hard to see, but they actually have four of our overprinters there running. All right, switching gears to the test and measurement segment, a little bit on that, and then we'll have some time for questions at the end, so the biggest product line here is flight deck printers, and I always get asked the question, well, why is there a printer? People first ask, is it toner or ink? Well, no, it's neither. It's thermal. You can't have that stuff in the flight deck, right, so it's thermal paper. It's regulated by the FAA, and this paper lasts for like six years, not like your credit card receipt where you go to your expense report a week later and you can't even read the thing.
So it's, and most customers buy it from the OEM, which is us, because they want to have everything working together as part of our warranty as well. But what do we do with them? So it's a safety and workload feature for the pilot. So some of this information they can get with voice communications. Some of it they could get transmitted in other ways. But a lot of this, they want to have it in real time. It's things like NOTAMs, right? So that we're en route and then the runway we're going to use, the lighting system's not working. So I got to change that. Or there's a crane operating in this area. Watch out for that. Or things as diverse as, probably can't read that.
I don't know if you can read that from where you're at, but a person's holding up this printer from our printer, and it basically says, from Alaska Flight Control, be on the lookout between 40,000 and 50,000 feet for a large white balloon. If you see it, let ATC know. What they can do with the printer is they can send all aircraft in a certain area or even the whole world if they want to at the same time. Another example, not a great example, but it was 9/11 they did this, so once they knew what was going on, to call up thousands of airplanes one by one would have taken forever. We have the message from that one too. I think this one's easier to show. It's more current, but there's a variety of things.
We had it when the Queen was shutting down, or they had the funeral for the Queen in London. They've shut down that whole area. So it's used for those types of things. But it could be things more mundane, like I said, a crane operating near the runway. So you have to use extra caution. That wasn't known when they took off. Or it could be information from the airline saying, hey, we've got an issue with maintenance at this airport. You should deviate to that one, that type of thing, and everyone, I think, knows what's going on with aviation, so the macros are very great there. A Boeing has its struggles. They're our customer also. So they're back online from this recent strike they had. But in general, aviation business is doing well and they're in a good trend.
I think I kind of talked to this, but there's another profile talking to you about what the printers are used for. A nice thing in this industry too is we're by far the market leader. You'd be hard-pressed to be on a plane that doesn't have our product on it. We make flight deck printers and Ethernet networking systems that are used in these planes. Over time, through acquisitions as well as our own internal growth, we've pretty much covered all the bases really within the aerospace sector. The OEMs are the Boeings and Airbuses of the world. The tier one integrators are the Honeywells, Thales, people like that, Rockwell Collins. Then the airlines. We sell to all those channels depending on which vehicle we need. We have all the approvals.
Spent millions of dollars over the years to get the approvals for companies like Airbus and Boeing, especially. So now it gives us the ability to sell new products, upgrades, and get into that market. It also gives us a nice moat because it's very expensive to do that type of work and get those approvals. And then it's a mix too. Sometimes we sell a product directly to the airline and then they'll drop ship it to the manufacturer and sometimes it goes direct. And there's a list in here too. You can take a look at just some, these are all our customers and what kind of airframes we're on. So it's in military too, the large military aircraft. And it's inflight entertainment systems actually have a printer built into them for diagnostics and so they can get printouts.
So it's not a huge business, but that's also kind of a market for us. So we showed the acquisition path. We acquired these different brands from third parties through different contracts. And what we're trying to do now, we're not trying, we actually are doing it. So we're consolidating down to a ToughWriter. That's our brand. And we have 55, 60 SKUs that we started out this program with beginning of last year. And we're reducing that down to just our ToughWriter brands. And there are different colors and things you need for different cockpits. But we'll be down to just a handful of SKUs by FY27. And again, we're in FY25 now, so we're two years away. The Boeing 737 has already been converted. We're working on a lot of the other ones. Some of the business jets are converted already.
So that obviously makes it much more efficient for us from a manufacturing point of view. But it also reduces the royalty payments we have to pay to these acquired brands. Those will all go away. All right. And just touching on the data acquisition piece, as I've mentioned a few times, we're still in the rocket telemetry business, missile telemetry. But we've also expanded out to other critical data applications such as nuclear power plants. Most nuclear power plants use our equipment to validate the operation of the plant. I mean, they're watching all the instrumentation, but something has to check that instrumentation. That's what we do. And then light rail and data centers is another area that we're seeing some growth in there too, where they need that type of resolution. And I put an example in here of a light rail system.
We're a couple of different California locations. We're in the Boston T. So what they're doing is sometimes they're monitoring the track. They can do that by vibration. It depends what sensors they put in their tram that they're sending through. And this application is actually talking about the power substations. So if you have too many trains moving and braking, there's impacts to the electrical system that controls that. So we're in the substation monitoring those electrical variations of what's going on with the different vehicles. And that all goes back to a main control center. So we're looking at doing more of that. So a few years ago, we added some people to say we know who makes aircraft. We know who does the Test and Measurement for the aerospace. We know who does it for the military.
So we have two people to take care of that. What we want to do is go after and broaden the business. So we hired people to just go after new applications for our equipment. So just kind of wrapping up, kind of on our key priorities. Right now, we did this big acquisition in Portugal. So it's really getting them onto the AstroNova Operating System and taking the technology that they have. They have some fantastic technology for the ink and printing. It's actually much more cost-effective than what we're doing now. So we're going to deploy that across our product lines. They have a very neat monitoring system called TRAX, where they actually can monitor all the printers they have in the world. And a foolproof ink anti-counterfeiting system where you can take their ink as the bottle has a code on there.
The machine itself has to barcode that in, and then there's a round trip back to the headquarters to validate that it's real, and then you can use that two liters of ink versus we have other inks that from time to time we find out they're being counterfeited, and then we've got to change our RFID chips or things like that. It's very expensive, so this will reduce the cost of that and eliminate counterfeiting as we deploy that across our platforms, so that's kind of what the first couple of bullets are talking about there, and then I just talked about the other big program we have going on is consolidating those aerospace printers down to ToughWriter brands. Just makes us more efficient as a company, and just kind of looking at it from your guys' perspective, why would you want to invest in AstroNova?
Those leading market positions we have in those two segments, both Product Identification and Test and Measurement, we've got some nice moats around it, some good track record with our customers. Internally, we do a fair amount of new product development, so we kind of stay ahead of the curve, stay ahead of our competition. Most of that's organic, but from time to time, we pull in acquisitions as well, and then the trends are good in both those businesses, so more people have these diverse product mixes where they need to have more predictability on being able to put the label on their product where they don't have predictability on what kind of product is coming in. And of course, the high recurring revenue is one of the razor blade type of model that we have. We make money on razor blades too, and the razor, right?
And then just the M&A right now. So typically doing some kind of transaction every couple of years. So we had two recent ones. It really depends on finding the right mix, have it get through our filters. We're always looking at things that might be a good fit in any one of those three kind of product lines that I talked about. I think that's it. Let's see if anyone else. Yep. So I'll open up for any kind of questions you guys might have. Yes.
Any used equipment market or leased equipment? Or is that all?
We do have a way to reset. We have some products that people have returned. They don't use them anymore. They went out of business, whatever. So we do have a small amount of program like that. We do our sales demos go into that mode too after a year. So in the product identification business, we have that. Not too much in the aerospace area. In the product identification, though, we actually have leasing companies in most countries so that people who don't want to spend $20,000, they just want to lease it so we can go through third-party leasing companies. So we don't lease directly, but we usually provide that to the customers so they can have that. Anything else? Yeah.
Any other public companies out there that we can compare you to? I know you're pretty unique, but kind of general line of business or somebody that we can watch?
Yeah, it's tough. I mean, there's companies in both of those segments, right? So you can find people in aerospace, right? But they're all huge compared to us. I mean, it'd be useful from a trend point of view.
I don't think there's not one that I know of, right, that fits what you're looking at, but in the product identification space, there's companies that do that, but again, they tend to be big, like Zebra, for example, so you can get general trends, although that's not a good one because Zebras are black and white and we're mostly color, but there's nothing that come to mind, and you can look in those industry trends, like in the label business, I can tell you there's industry stats there, you can get the data, that overall market is like $2-$2.5 billion for digital label, color digital labels, but it's mostly commercial printers in that space, but you can see the growth rate, I think they're talking about low double digit, like 10%-12% per year.
The onsite piece of that is about 10%-12%, something like that. So it's still the bulk of the people are going to a commercial printer. So that might help you a little bit. And the aerospace, it's pretty easy to get data. You can go to Wikipedia. It's actually pretty good to tell you how many planes are being bought by whatever company. And Boeing and Airbus publish a 20-year trend every year. Yes?
Any delays [audio distortion ] planes out there?
Yeah, it matters. I mean, Boeing hurt us this quarter that we didn't report on yet. But so everyone knows they were on strike. And obviously, we can't ship them anything when there's no one there to receive the product. So that, I mean, the MAX crash or those things definitely impact us.
But there's multiple ways we get revenue there, right? So we get new printers that we sell. The new printers go on a new aircraft like a MAX, for example. So we're on that aircraft. And then when an airline says, "I want 50 MAX aircraft," they put in their order, they might have some NGs, the previous version. So we'll then go to those, try to make a deal with them, say, "Okay, fine. You've got these new MAX aircraft. What about the other ones?" The pilots like to have the same thing in every plane. How about our upgrade program? We can do that. There's a whole maintenance cycle in this and parts and whatnot. And then there's the paper that goes in there too. So we have multiple ways that we make money even if we don't get the new units out there.
Right now, I forget the exact number, but it's an order of magnitude, 35,000, 40,000 printers we have flying around all over the place. Yes. Right now, people want to know more details about how the revenue is going, how the integration is going. We told people in the last quarter it's going to take a little bit longer than we thought because it was a fairly big deal, but the thesis of it is rock solid in terms of why we bought them for their technology and whatnot. The piece that we're working on right now is just the operational part of it. Getting them into the AstroNova Operating System is taking longer than we anticipated and getting to know all of their customers because they're spread out geographically around the world. Some areas where we're not.
So we're going through that process right now and getting those functions basically under AstroNova control. Yes.
What is the life cycle of a product in your catalog? At what point do you introduce a new printer and it has great new features, uses some nice new technology you uncovered that makes for a better product? And then is it three years later, seven years later, 12 years later, people look at it and go, "Yeah, that's kind of old. I like this new one I saw over here that has upgraded higher life mode or something." How long does a $400,000 printer look like it's state of the art?
Oh, $400,000 printer? That's different. So we're just starting to sell those guys. So those would last probably. I'm just guessing now because we're just selling the first one.
I don't have good data on that, but that's going to be 8-10 years probably before someone would want to change it out. If you look at the tabletop units that we sell, they're typically a four-year cycle. We'll typically introduce something in the two is probably early. That's rare. But between three to five years of when we introduced the previous model, that's when we'll have a successor.
Did you design and develop yourself, or is that part of what is attractive to the M&A operation is to purchase somebody who's doing the next generation of?
Yeah, that's a combination too. So now it's more organic because we have more than we already have in-house that we kind of are upgrading.
But even the last two acquisitions, so with Astro Machine, they had some products that were lower cost, basically the same kind of output, more efficient than ours. So we actually ended the life of the AstroNova product first. It had been out there almost four years anyway, so it was probably okay. So with acquisition, it could go either way. But like I said, in those kind of printers, it's about a four-year turnaround time. I mean, aerospace, they have a five-year warranty. They're going to last for 20 years typically. But they usually need maintenance after seven to 10, maybe 12 years. So that's kind of a range based on the products there. Data acquisition products, they typically have a six-plus year kind of time frame. Yep. Anybody else? Yes.
Do you consider the market leader? [audio distortion]
Yeah, we're considered the market leader for sure in aerospace. Like I said, you'd be hard-pressed to be on a plane that doesn't have our product today or one of our products. In the color digital label business, in terms of, it depends on the range. There's certain models that we're not the market leader in the mid and higher range. We tend to be the market leader. Like I said, we're the only ones that provide the full solution. We're still winning about we just hired a new director of sales there in PI. He came from Zebra, started about two months ago. Top quality guy, really excited to get him on board. He looks at our penetration in certain niches.
It's like the moats are very high around it because he's like, "This is great," and there's some new stuff he's got to break into on that, but that full solution approach, it's hard for people to replicate. We have over 100 types of this raw material that we use, different adhesives. I mean, give you an idea. If you buy tires, right, you have this label on the tire. You got to basically drive it off the tire. You can't just peel the thing off, but you have other ones where like a medical, you want to print out labels that's going to go on the wristband or it's going to go on something you want to be able to take it off easy. We have that. You have the multi-fold labels. You have cryogenic labels that go to -60%.
So we have this full gamut that we understand the customer's solution. We always start with the solution first. We don't talk about product. Back 10 years ago, it'd be like, "Well, our speed is this. Our resolution is that. I can show you how you can maintain it." And our people don't do that at all. We just talk to them about what is their need? What are you doing in your business? Okay, yeah, we've got a solution for you. Let me show you how we would do it. That's kind of how we sell it. And we win, like I said, about 70% of our negotiations that we're involved in.
So the big focus now is we're hiring more and more inside salespeople because we need to follow up our leads quicker to get in front of the people, get more at bats, so to speak, so we can keep that average. Globally, if I had all the different people together, but if I count inside sales and outside sales, you're probably looking at 50 people. Yeah.
Of your 30,000-40,000 units that are flying around in the sky, what's the average age of those? Is there any kind of a replacement cycle that's going to happen in the near term, long term?
Yeah, the oldest ones flying around are the Honeywell printers that were started. They went on the 737 and the A320. And those date to the 1980s, like 40 years. Obviously, they've gone through cycles already and they've gotten new ones.
So those are the oldest ones that are out there. But yeah, there's a fair amount of that. Like I said, it typically happens when they do a fleet change or they're getting some kind of upgrade like that. But then the maintenance business, quite frankly, is pretty good too. So we're an FAA repair facility. We have facilities in Europe, Asia, and Singapore. So a lot of those printers, we typically are getting them in, isn't it? Now we get like 20-plus printers a day in for repair just in Rhode Island. And the other facilities are doing that too. So that's a pretty big part of the revenue of that business. Anybody else? Yes.